Cetera Investment Advisers Increases Holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN)

Cetera Investment Advisers grew its holdings in Fortune Brands Innovations, Inc. (NYSE:FBIN) by 6.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,844 shares of the company’s stock after acquiring an additional 1,022 shares during the period. Cetera Investment Advisers’ holdings in Fortune Brands Innovations were worth $1,029,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in FBIN. Select Equity Group L.P. lifted its position in shares of Fortune Brands Innovations by 48.8% in the second quarter. Select Equity Group L.P. now owns 6,326,857 shares of the company’s stock worth $410,866,000 after buying an additional 2,075,673 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in shares of Fortune Brands Innovations by 12,402.4% in the second quarter. D. E. Shaw & Co. Inc. now owns 337,565 shares of the company’s stock worth $21,921,000 after buying an additional 334,865 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Fortune Brands Innovations in the second quarter worth about $20,857,000. Robeco Schweiz AG lifted its position in shares of Fortune Brands Innovations by 26.5% in the second quarter. Robeco Schweiz AG now owns 906,572 shares of the company’s stock worth $58,873,000 after buying an additional 189,635 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Fortune Brands Innovations by 71.0% in the second quarter. AQR Capital Management LLC now owns 415,255 shares of the company’s stock worth $26,967,000 after buying an additional 172,435 shares in the last quarter. 87.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FBIN shares. Loop Capital decreased their target price on Fortune Brands Innovations from $82.00 to $79.00 and set a “hold” rating on the stock in a research report on Friday, July 12th. Jefferies Financial Group boosted their target price on Fortune Brands Innovations from $100.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays upped their price objective on Fortune Brands Innovations from $86.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group upped their price objective on Fortune Brands Innovations from $86.00 to $98.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. upped their price objective on Fortune Brands Innovations from $82.00 to $84.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.10.

Fortune Brands Innovations Trading Down 1.2 %

FBIN opened at $88.87 on Friday. The stock has a market cap of $11.12 billion, a price-to-earnings ratio of 27.18, a P/E/G ratio of 2.79 and a beta of 1.51. The stock’s 50 day moving average price is $82.58 and its 200-day moving average price is $75.56. Fortune Brands Innovations, Inc. has a one year low of $54.10 and a one year high of $90.54. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.71 and a current ratio of 1.34.

Fortune Brands Innovations (NYSE:FBIN) last released its earnings results on Thursday, July 25th. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.04. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Fortune Brands Innovations had a return on equity of 22.93% and a net margin of 9.39%. The company’s quarterly revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.07 earnings per share. On average, equities analysts forecast that Fortune Brands Innovations, Inc. will post 4.29 EPS for the current year.

Fortune Brands Innovations Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 11th. Investors of record on Friday, November 22nd will be paid a $0.24 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.96 annualized dividend and a yield of 1.08%. Fortune Brands Innovations’s dividend payout ratio (DPR) is currently 29.36%.

About Fortune Brands Innovations

Fortune Brands Innovations, Inc provides home and security products for residential home repair, remodeling, new construction, and security applications in the United States and internationally. The company operates through three segments: Water, Outdoors, and Security. The Water segment manufactures or assembles, and sells faucets, accessories, kitchen sinks, and waste disposals under the Moen, ROHL, Riobel, Victoria+Albert, Perrin & Rowe, Aqualisa, Shaws, Emtek, and Schaub brands.